Cayman’s efforts to avoid blacklist fails

| 12/02/2020 | 177 Comments

(CNS): Despite passing a raft of laws in the Legislative Assembly to avoid being blacklisted by the European Union, it appears that the Cayman Islands will be added to the EU’s list of jurisdictions with lax standards for financial crime. The Financial Times has reported that while both Cayman and the British Virgin Islands were both on a ‘grey list’ and up for review this month, Cayman has become the first British Overseas Territory to be named and shamed.

A statement from the Ministry of Financial Services issued Wednesday afternoon noted that while the Government of the Cayman Islands was aware of the media reports, there has been no official announcement that Cayman is now on the EU list of non-cooperative jurisdictions for tax purposes.

“While reports suggest the recommendation to EU Ministers of Finance that has been made by EU Ambassadors, the EU Ministers of Finance will make the final decision at a meeting to be held on 18th February,” the ministry stated. “As such, we have yet to receive confirmation of an EU decision. We believe that we have introduced the appropriate legislative changes to enhance our regulatory framework, in line with the EU’s requests.

The ministry said that over the past two years, the CIG “has adopted a number of fundamental legislative changes to enhance tax transparency and cooperation with the EU, fully delivering on our commitment to strengthen our regulatory regime and addressing the concerns reflected in the EU Council conclusions of 12 March 2019”. 

The statement further noted that the CIG had “offered to make itself available for further dialogue or clarification with the Commission and the EU Ministers of Finance”.

However, it appears that Cayman will join the eight jurisdictions already on the blacklist: Fiji, Oman, Samoa, Trinidad and Tobago, Vanuatu and the three US territories of American Samoa, Guam, and the US Virgin Islands.

European diplomats told the FT that EU27 ambassadors decided Wednesday to place Cayman Islands on the list of overseas tax territories that do not effectively co-operate with the EU.

According to the FT, the law passed by the Cayman Islands to addressed concerns about companies who claim tax advantages but do not have a sufficient economic presence on the island was “deficient”. Cayman’s legislation on investment funds is also, apparently, not up to scratch for the EU.


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Category: Business, Financial Services, Laws, Politics

Comments (177)

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  1. Anonymous says:

    This isn’t rocket science. We are on the list because we were found to be “uncooperative” on TIEA requests. Either these accusations have merit or they don’t. Having dealt with this government and this regime on many things, it seems to fit the ambient low-performance expectation of everything else. We need to fire the people that are not helping, or honouring our commitments. To manage future expectations, we need to pro-actively coach foreign governments on the established mechanisms and criteria to access the information they seek. The attitude of hanging up on people that don’t speak English, or not responding to emails, is clearly not going to end well for us when there are non-ornamental agreements in place.

  2. Anonymous says:

    Damn racist list anyhow. Why black got to be bad?

  3. Anonymous says:

    Have a look at all the filthy money buying up most of the real estate. Doesn’t surprise me. And I work in the industry.

  4. Anonymous says:

    Any belief that Cayman could avoid blacklisting after Brexit was utterly naive in the extreme. The UK expended a lot of capital protecting BOT offshore jurisdictions in Brussels, but that buffer is gone. Now if China or the US turn on Cayman and align with the EU then the game will be up.

  5. Anonymous says:

    Their ego is fried! Their pseudo list only has validity because A Cayman Islands is on it Hypocrites. Jealous. Power-struggle freaks.. Who Jah bless no man curse. What the enemy meant for bad, we watch it get turned for our good.

  6. Anonymous says:

    Brexit unintended outcome – surprised?!?

  7. T says:

    Brexit Retaliation ?

  8. Anonymous says:

    Bermuda wants to be like Cayman though. They envy our economy. Read the recent series in their newspaper the Royal Gazette.

    • Anonymous says:

      What always intrigues me about Bermuda, is that they try and learn from other parts of the Caribbean and other parts of the world about best practices in terms of economic development and social policy. While they do not always get it right at least they are open to learning.

    • Pray and praise my a$$ says:

      LOL. They want your stinky Dump, absence of public transportation and congested “renovated” airport?
      They figured it out decades ago while you are trying to re invent a bicycle. Year after year, committee after committee, one “leader” after another.
      So don’t compare Cayman to Bermuda. The former is utterly retarded.

  9. Anonymous says:

    Anthony did the gays cause this too?

    • irony says:

      No they did not. The irony though is that the financial industry brings with it a moral and ethical quandary which has far more impact on the karmic well being of the Cayman Islands both today and into the future than the topic which you have facetiously referred to. This is something which very few people are willing to consider or discuss as the reality which it is. The negative consequences are far reaching, not only here but on a global scale. The preachers themselves run away from even discussing this topic, as would dogs which flee from scalding water.

      • Anonymous says:

        I’d rather scalding water than a conversation with a preacher about finance

        • irony says:

          There are none so blind as those who refuse to see. They, nor the MLA’s and one could assume possibly that neither yourself really want address said issue. When I see MLAs and others with their diatribes both for and against the LGBTQ agenda, and the human rights issues therein which are compounded by differing opinions as to belief systems, questions of personal understanding of both ethics and morals all swirling around in a vortex of a shared yet uniquely bigoted outlook the irony and the hypocrisy becomes apparent. The financial industry of everywhere from here to the USA and beyond has furthered injustices around the world and given an anonymous financial domicile to the worst of the worst. It is that reality which neither side of the debacle wishes to broach but that reality remains. I see both sides as myopic hypocrites for whom their own polarized self interests are their driving forces, and that weakens if not nullifies the arguments and debate therein if either/or actually cares about the well being of humanity.

  10. Anonymous says:

    Repeal/withdraw the new laws immediately. Otherwise this totally incompetent government negotiating team will have dragged us into the worst possible position: on the EU blacklist AND with industry-threatening legislation in place.

    • Anonymous says:

      I couldn’t agree more. Schedule the repeals and let the EU know they will go ahead if we’re still on the blackist when the date arrives.

      I only hope that they haven’t hired so many new staff and created so many new departments that they now can’t afford to do away with the laws.

      • Anonymous says:

        We MUST put them on hold right now.

        The AG is holding a meeting tomorrow with the private sector to “explain” recent developments. He HAS to be told to repeal. It’s now or never.

        Bet he postpones his meeting…

    • Anonymous says:

      The CFATF is the major threat, not the EU, as that will impact the entire international financial services community including the US. Repeal the changes and we will be blacklisted by CFATF for sure. If you want to retaliate against the EU just say we will withdraw the current mechanisms by which EU member states can make enquiry on tax and beneficial ownership issues. Just for EU nations.

  11. Anonymous says:

    It’s already hoped a PEPs search will be part of the function of public UBO registry.

  12. Anonymous says:

    If it doesn’t the timing is a remarkable coincidence

  13. Anonymous says:

    Now that the Neville Chamberlain approach has failed can we please 1. unite with the other offshore jurisdictions in deciding how to respond to these bullies as a bloc, 2. get some decent PR going to show the world what the EU is trying to do (perhaps remind the world that the EU is very quick to crack down on big businesses acting in an anticompetitive manner, but won’t hesitate to put small economies out of business to fund their state pensions?) and 3. blacklist them right back, as a group. Between The US, Canada, Asia, the UK and the Middle East we don’t need any of the EU’s business. Let them suffer the consequences of being the most expensive and bureaucratic jurisdiction in the world while the rest of us flourish.

  14. Anonymous says:

    another fine mess by do-nothing ppm…

    • Anonymous says:

      To 8.58am It is better to keep your mouth shut and be thought a fool, than to open it and leave no doubt. You hit ‘send’ and left no doubt. You obviously know nothing about what PPM or the National Unity Govt has done or is doing. If you say that you know what they are doing but stand by your post,then you are deliberately lying to CNS readers.

  15. Anonymous says:

    To be on the EU blacklist is an ACCOMPLISHMENT

  16. Anonymous says:

    At some point, we should meet with all of the offshore jurisdictions, form a coalition to tell the EU and others to go pounce some sand.

    We will not destroy our financial industry because they want to impose their failing tax regime and bankrupt economics on everyone else.

  17. Anonymous says:

    I’m not really sure why its ok for companies that have no staff or operations here, nor sell or produce their stuff here, are allowed to use us to book profits and keep billions if not trillions away from the land masses in which most of their staff/goods/services are positioned/produced/sold/redeemed…..i get it, it’s great for about 1% of Cayman that this happens – its not great for most of us anyhow, most of us dont get to live in Vista Del Mar or Seven Mile Beach, most of us dont work on the top floor in a corner office, ski twice a year, send the kids to boarding school, collect watches, and drink $500 bottles of wine at lunch for fun…..and good luck to those who do, lucky you…but to suggest that enabling tax avoidance, whilst legal, is a boom for Cayman is very narrow minded…however, CIMA and the usual loud voices have done a remarkable job of having most of us believe its a good thing….sure it us, go ask the majority stuck in traffic every day, earning barely above a living salary, terrified of the latest CUC bill, unable to afford to shop in the supermarket, etc, etc.
    As to companies globally avoiding taxes – why? Whats $100BN in profits and having to deal with all the offshore nonsense when you could have $50BN and live just fine, all the while enabling your home countries to fund education, health and housing. its kinda a long term play – if people are fit, healthy, housed and e-du-kated, they can be hired by you
    its all a load of sh*t really….but as to being blacklisted, whoopy do…..the next big earthquake is gonna take us out anyhow

    • Anonymous says:

      It’s OK because that’s how economics works. If you over-price something, someone else will offer it cheaper and that way things gradually become more efficient.

      The onshore jurisdictions have over-regulated, over-complicated and over-taxed everything that moves and so business found a cheaper alternative.

      As a response the EU has simplified its tax regime and reduced their bureaucrats’ salaries so that businesses and workers can keep more of what they earn.

      Hahahaha just joking! No way they’d do that. Instead they’ve declared economic warfare on the offshore jurisdictions and populations to keep the lights on in their palaces, while CUC shuts yours off because you’re unemployed.

  18. Anonymous says:

    Can someone explain what BVI and Nevis are doing that the Cayman Islands is not?

    • Anonymous says:

      i guess Cayman can put the EU on their blacklist then? that will show them

      • Anonymous says:

        PLus…the one other country violating the most tax and money laundering mandates…
        The United States.

      • Anonymous says:

        The EU is the elephant and the Cayman Islands is the mouse. When the elephant moves the mouse has to move faster and quicker to survive.

        Wonder what the mouse known as Bermuda did that we didn’t do?

    • Anonymous says:

      There is corruption everywhere there is man. The amount of corruption is the difference and if you have to try and make some one else look bad to make yourself look better than you really are just pointing the finger at yourself. Besides every man here on island knows just how corrupt the culture, people and government is here. Can’t hide it. Cayman made itself on tax avoidance and terrorist banking.

    • Anonymous says:

      The Canadian PM can meddle in a headline corporate bribery scandal, improperly dismiss the career of a Supreme Court Judge, then be deemed eligible to stand for te-election, and then win! Once in power, retire the RCMP Financial Crimes Unit! Crazy times. Still, these wrongs don’t give us permission to coddle our own crooks – and they are here.

      • Anonymous says:

        9:08, Not true. The Canadian PM did not dismiss a Supreme Court Judge. He dismissed his Justice Minister a year ago over a policy disagreement on how a case should be handled. The PM is well within his rights to dismiss any Minister. That dismissed former Minister now sits as an independent MP.

        Get your facts correct.

  19. Anonymous says:

    politicians failing from every angle…coupled with rampant corruption…

    • ppm Distress Signal says:

      Another bang up job by Alden McLaughlin and Tara Rivers. This all happened on your watch. The arrogance displayed can choke an elephant. The EU are not impressed

      • Anonymous says:

        To be fair, and as much as I dislike those two, they have done everything asked of them by the OECD and EU and walked a fine line between appeasing them and harming the country’s financial services industry.

        • Anonymous says:

          Nah, they like being with the rich and famous.
          Hollywood next!???

        • Anonymous says:

          They obviously did not do as much as Bermuda and BVI. Why?

        • Anonymous says:

          They were told, quite clearly by the EU, to pass all the required legislation by the end of 2019. They had a whole year to do it.

          They procrastinated and allowed to long a consultation process which only lead to more delays due to consensus taking an inordinate length of time to be reached by industry. Ask two specific law firms why they kept putting up roadbocks to the legislation eventually passed.

          These delays lead to the legislation only being passed on 7 February, i.e. not by the end of 2019.

          EU not impressed, and voila – big slapped wrist. Its not so much the legislation but the time it took.

          SMH.

  20. Richard Wadd says:

    The only way to deal with Bullies is to beat them at their own game. Issue a Press release with the name and details of ALL EU politicians with any ‘Cayman connections’, past or current. Do this every time they bully or make threats. This will not only get their attention, but it will also get the attention of those that elect them.

    • Anonymous says:

      Only one problem – anyone who did that would be breaking the law.

    • Anonymous says:

      Why are you blaming the EU for Britain doing something stupid? the Financial and tax laws of the EU are clearly laid out, why should we get special treatment?

      You want to mad at someone then point your fingers at Britain and our own MLA’s for making no effort to fight this decision and just blindly buying into the “you wont be affected” lie they were given.

      • Anonymous says:

        We are getting special treatment though – none of the other BOTs (so far at least) are being blacklisted, nor do EU countries have to apply the same standards to themselves – so you get the perverse result where Cayman is expected to adhere to a higher standard than the EU does or it gets blacklisted. Sure – in stepping out of the EU Britain removed that same protection from the BOTs, but that doesnt mean the system is fair or transparent. You can get mad at the obvious self interest dressed up in morally righteous clothes. Bit like the demands for public beneficial ownership registers – where the EU wouldnt dream of trying to apply that to the US or their own member states.

    • Anonymous says:

      The register of ultimate beneficial owners that we will have to have in a few years may make that possible because the information will all be public, which solves the issue identified by the comment below that publishing confidential information is illegal.

    • Anonymous says:

      This coming from an island that is still struggling to pass its own ethics law.

    • Anonymous says:

      As the U.K. is still in the EU believe you would find that nearly all the EU politicians with Cayman connections are British politicians, particularly the House Of Lords. Could be very embarrassing to our masters in London.

      • Anonymous says:

        The UK is still in the UK? Have you been living in a cave? As of 31 January it’s OUT. There is a period until 31 Dec 2020 to agree post separation arrangements on trade but as if 1 February it’s flag no longer flies at EU GQ, there are no British MEPS, it has no vote on EU matters – you get the picture.

        • Anonymous says:

          Bobo, The UK still follows EU laws till the end of the year on economic and trade policies.

        • Anonymous says:

          Cayman can still export its rum cakes to EU states duty free till the end of this year. So we, the U.K., are still in whether you like it or not.

  21. Anonymous says:

    Of course all we have to do to make this go away is to introduce a 70%tax rate like some of those ‘civilized’ EU countries . They have nit figured out that introducing their own low taxes will keep more money at home so they try to force us to raise ours to be ‘successful’ like them. Brings to mind a line from a Tradewinds song..Who is civilized and who is the jackass.

    • Anonymous says:

      The laws should be changed to say any European business should be taxed 20%. All other businesses and persons from anywhere else’s are exempt. This is an issue for the EU not the rest of the world.

      • Anonymous says:

        and donate the money collected to the EU commissioner’s pension funds. That would get them off our back.

  22. Anonymous says:

    The bottom line here is that the Tax Information Authority has not been undertaking any enforcement of the Economic Substance Law ( too busy traveling the World to pointless events) and the Ministry of Financial Services has taken too long to act. Nobody to blame here but those entities. Look at how Bermuda avoided the issue by quick and decisive action.

    • Anonymous says:

      We also have the wrong people leading the discussions. I know they personally and they like creating storms in tea cups and over complicating basic things. Just look at the AEOI portal compared to CAPS what a joke, the AEOI portal hardly works, awful to use, they never available for assistance, don’t answer emails and offer zero training.

      We should of adopted Jerseys BEPS model, when this first came out. They have no issues with the EU anymore. Instead we tried to write our own, letting the big law firms influence the law to suit their growth ambitions.

    • Anonymous says:

      You got it exactly correct 1:02. Bermuda played it smart.

      • Anonymous says:

        Bermuda can teach Cayman a lesson with their new airport, excellent public bus system and now avoiding the EU blacklist. Are we really that stupid that we cannot learn from our neighbors?

        • Anonymous says:

          Yes. And no you can’t fix that.

        • Anonymous says:

          Meanwhile you have to be filthy rich to buy a house in Bermuda and after you do you can park only one car in your driveway. As special as you think Bermuda is you have to remember you cannot go there and try to take ove like what happens here. Much harder to get a work permit and I am not even sure if they offer PR or citizenship. If they do I will bet it is not as easy as here. All of you badmouthing Cayman should try to get a job there, especially those who ran over here when you couldn’t get a work permit there. I know you will deny it but I also know it is the truth.

          • Anonymous says:

            Meanwhile Bermuda is off the list and we are on. Why?

          • Anonymous says:

            ‘only one car in your driveway’ in Hindsight is kinda smart, as you see no where near the traffic nightmares on Bermuda Roadways. Mind you, they also have an first class public transport infrastructure, like why drive into the city when you can take a ferry?

    • Anonymous says:

      Economic substance reports aren’t due until the end of the year. They can’t take action yet.

    • Anonymous says:

      Too much time in Monaco last year rather than paying attention to the financial needlework at home.

      • Anonymous says:

        I don’t think they read the CFATF report, or understood content if they did. Many of the criticisms are unchanged for at least last decade. Part of that is CIMA, and Cayman’s public service culture of pretending to be busy for appearances rather than substance. Adios Cindy, you had a good run, now let’s get someone in there that actually knows the job and carries it out! We also need a more sophisticated govt that can not just read and write, but do their jobs with accountability to a passable professional standard. Not sure who that would be unless eligibility rules are changed…and is the Financial Services Sector finally ready to lead that discussion?

        • Anonymous says:

          to 9.42am “do their jobs with accountability to a passable professional standard. Not sure who that would be unless eligibility rules are changed” Changed to allow expats to hold elected office you mean. There you go with your xenophobic bigotry.Claiming superiority over Caymanians.

      • Anonymous says:

        Do they realize they cannot buy ‘love’ in Monaco, London, Brussels, NY, etc., nor in Hollywood?
        Their trips have always been an embarrassment. Like the Governor on his extended Holiday here.

    • Anonymous says:

      1:02, Appreciate if you could outline exactly what quick and decisive action Bermuda took as I attempt to understand this situation?

    • Anonymous says:

      History lesson. Bermuda was blacklisted. They had passed all the necessary legislation but not in time for the EU’s consideration. Might be similar to us. They got off after a few months…

      https://www.reuters.com/article/us-eu-tax-blacklist-bermuda/bermudas-premier-confident-of-removal-from-eu-tax-haven-blacklist-idUSKBN1QT2IO

  23. Anonymous says:

    our economy is based on money laundering and tax evasion. face facts.
    honesty is the first step in addressing the issue.

    • Anonymous says:

      No it is not. Foreign countries have tax code that is designed to stimulate their investments, it allows for neutral jurisdictions to exist to pool money together to make these investments. For funds and investment vehicles the investors are all taxes in their tax residence. For corporate structures, these are taxes when dividends are repatriated to the shareholders in their jurisdictions.

      Fatca and CRs where designed to make this transparent.

      The issue is Europe is failing and they blame offshore for the exit of capital. They forget the money from Europe is flowing into Switzerland, Luxembourg and Liechtenstein. Their policies have caused trillions of dollars to leave Europe and go back to the United States- brexit is the first crack in the union, a recession will fracture the rest between north and south and then it will collapse. Meanwhile china, Russia and the US will be booming.

    • Anonymous says:

      Honesty would sink this place. More lies are the only way forward. Just read on.

    • Anonymous says:

      This isn’t even about money laundering and with CRS, FATCA, BPO Registers, KYC, economic substance etc etc etc I am 100% sure there is less tax evasion going on here than in Brussels itself.

      If you read the EU publications, what they are explicitly trying to stamp out is “unfair tax competition” and “harmful tax regimes”. The “unfair” is redundant. They just don’t want ANY tax competition. And by “harmful” tax practices they specifically mean harmful to their own treasuries and expense accounts. None of what they are trying to prevent is illegal or even immoral, since tax laws are drafted on the assumption that everyone will pay the minimum that they have to.

      This is actually very simple – the former colonialists in Europe are currently trying to destroy the economies of offshore jurisdictions because they think it will increase the amount of money they can extract from businesses in their own countries.

      They are wrong of course – their economies are failing because they are useless socialist bureaucrats who tax everyone up with wazoo and make business difficult for their own people. But that’s not the point. The point is they are throwing their weight around and trying to isolate Cayman. We need to stand up to the bastards and make sure they only isolate themselves..

  24. Anonymous says:

    The EU accounts for less than 1% of our financial services economy. Not sure why we are jumping through hoops for them?

    Good riddance.

    • Anonymous says:

      @11:05 Absolutely agree!

    • Anonymous says:

      Where did you get that 1% figure from? Believe it is considerably higher especially with Ireland, Luxembourg, Netherlands and Malta.

      • Anonymous says:

        If it is not at less than 1% now, it could easily be reduced to less than 1% without adversely effecting the Cayman Economy.

        North America has more clientele available than any capacity Cayman has to service Tax avoidance customers.

        Why not concentrate on increasing our business from North America and forget about the European Union.

        We can certainly do without the business from the EU and they can do quite well without Cayman, although some of the EU population may disagree.

      • Anonymous says:

        Check the stats.

        EU has been closed for business with Cayman for a long time

  25. Fix yours first says:

    Just a thought here.

    Is this the same EU in which the core member countries are are rife with persons engaged in illegal arms sales to developing and delinquent countries.

    The same EU whose core member countries have rampant forced prostitution, slavery, drugs, money counterfeiting, cyber criminals, and extortion/blackmailing rings operating unchecked.

    The same EU whose core member countries have wonton Human Rights violations and official corruption at every turn.

    The same EU member countries who have skewed justice systems.

    Sounds like a little brat hollering saying “look at them, not me, I am only stealing a little”

    Free piece of advice for the spoilt brats in the EU…. Fix your own shit before you tell me about mine……..

    BIG SMACK…………….

  26. Anonymous says:

    And the times, they are a’ changin.

  27. Anonymous says:

    What happens if Scotland leaves the UK? Do they get to keep the Caymans? Do laws as yet unread become law, or is it already part of Ireland? So if the UK becomes just England {DUK, DisUnited Kingdom} what happens to UK law?

  28. Anonymous says:

    The real objective is to destroy the Cayman Islands so no amount of appeasement will work.

    • Anonymous says:

      If you think people are sitting around in Brussels trying to figure out how to destroy the Cayman Islands then you are seriously delusional.

    • Anonymous says:

      Appeasement seems to have worked for Bermuda and BVI. They are not in the list. Why?

    • Anonymous says:

      If the objective was to destroy the Cayman islands all they would have to do is let you do it.

  29. Kurt Christian says:

    Vote No

  30. Anonymous says:

    Vote No

  31. Anonymous says:

    EU blacklist – hmmm. Be far more worried about CFATF – if they blacklist us as well we are in serious dodo.

  32. Anonymous says:

    Remind me about the importance of their blacklist and how it effects us ! haters can’t stand to see a little island making a little progress.

  33. Anonymous says:

    So much for proceeding with such breakneck pace to implement the most draconian AML regime known to mankind, thereby imposing onerous procedures at significant cost to the public purse and local businesses, thereby crippling many small local businesses with layer after layer of KYC/ AML documentation, enhancing our already impressive bureaucratic government “regulation”, even passing legislation in breach of the constitution, under threat by the CFATF, all for the sake of avoid the dreaded “Black List”, only to be blacklisted anyhow. As if we were ever not going to be black listed. We’re in the Caribbean, so naturally, we will always be “blacklisted”, especially if we vote in a bunch of stooges to lead our “country”.
    Well done, Alden, Tara and crew. You have, once again, excelled in your ineptitude. Is there anything that this Government can get right? I suppose we really couldn’t expect anything else from an administration born of the unholy matrimony of Alden Baba and Mac Daddy Keewey, could we?

    • Anonymous says:

      7.24pm Antibot strikes again. The anti government robots out blaming government for everything. What is so remarkable about this comment is that you make the argument that we were going to be blacklisted yet you call the Government inept because they tried to protect our financial services industry. I guess you can’t wait to get a government that you admire that doesn’t fight so hard for us. The nerve of Alden and Tara..trying to protect our Financial Services..

    • Anonymous says:

      Perhaps they are looking to get Movie Rights from Hollywood now?

  34. Anonymous says:

    I’m not sure that everyone commenting has a grasp on the meaning of ‘blacklist’.

  35. Anonymous says:

    Oh no! We’ll be limited to doing business with the poverty stricken economies of the Middle East, Asia, Britain and North America!

  36. New white collar pirates says:

    Wonder if the recent gold smuggling fiasco had anything to do with this. Nah, can’t be that can it? Can’t be that we have no AML supervision in the real estate industry either. Nah, we’re just being hard done by.

    • V says:

      Considering it was going to euro tax havens I would say not. I am confident that if the gold reached those euro centers it would have been accepted , “not many questions asked”

  37. Anonymous says:

    Its about time that we tell them to stuff their blacklist up their white behinds…

    • Anonymous says:

      Yep.. you could do that. Because its all about race (passing lightly over the fact that 80% of our business come s from the well known, black empowered US. Sure they would take well to the “white behinds” bit.) Or we could say “stick it up your socialist, big government and paternalistic and anti free market behind” which may wear a little better with our biggest investors, who have their own issues with the EU.

    • Anonymous says:

      Remember our Premier “this will be good for Cayman England withdrawing from the EU”…no need to say anything else

      • Anonymous says:

        Two issues not related at all.

        • Anonymous says:

          Yeah, right. EU member states are not required to implement the same rules. We are not a recognised country, but a territory of the UK. The minute the UK withdrew from the EU we lost that exemption. So yeah, it is connected.

    • Anonymous says:

      Yes, that will really have them shaking in their boots. We are a tuff place. Lol..

  38. Anonymous says:

    Oh yeah, not true. BREXIT has not helped matters.

  39. Anonymous says:

    By the numbers, how many white collar prosecutions in the last 10-20years initiated by Cayman Regulators? Not many is the answer. We generally wait until a foreign regulator says “wait a second”, then CIMA scrambles all hands on deck, retrieves the materials for them and expects a milkbone. We are reactionary to complaints, including this one. Not learning why the complaints originate- even the same ones, over and over, is why we keep getting lambasted. CIMA needs to be rehauled completely. Even after several scandals, we are still taking a “wait and see“ approach to regulation of cybercurrency mkts and ICOs. These are THE preferred method of illicit payment transfers on the planet. It’s good that others point out these regulatory holes. Bad that we continue to do nothing to address them.

    • Anonymous says:

      Bang on 6:53. You summed it up in a nutshell. Zero white collar prosecutions is coming back to haunt us. The EU will certainly have noted this fact.

    • Anonymous says:

      Because all of those involved SEZC entities and CEC is untouchable under the current regime.

  40. Anonymous says:

    Oh dear, here they go again. All I have to say is black is still beautiful – Trump will take care of them.

    • Anonymous says:

      That’s the problem Trump is taking care of everyone. Soon there will be nobody left to take care of.

  41. Anonymous says:

    My sympathies to everyone who does a great job with their files (and that would be the majority), but we DO have lax standards when it comes to sniffing out and punishing financial crime. Deloitte was running a company where the UBO is on Intl watch and sanction lists as a known launderer for Venezuelan narco- regime. We had a shipment of physical gold intercepted in the UK that passed through Cayman. The SEZ has had several criminal incidents and initial coin frauds, just in the last year. It was foreign regulators that had to discover these things. How can we pretend there’s any upstream competency when our regime refuse to regulate themselves, share public documents or disclose conflicts? I’d blacklist us.

    • Anonymous says:

      Interesting post, and not Un true. We trumpet our world-class compliance for all to hear, but I do wonder what kind of business those rinky-dink local trust companies and one-man law firms and realtors and weird old banks take on. I fear that they cannot afford NOT to turn a blind eye if the money’s right. Otherwise they simply wouldn’t survive.

  42. JTB says:

    It’s not as if we do much financial services business with the EU…

    • Anonymous says:

      JTB, Perhaps you do not know that Ireland, Netherlands, Luxembourg and Malta are in the EU. My firm does a huge amount of work with those 4 countries.

  43. Anonymous says:

    So we are the first country to be put on Europe’s “Official Blacklist”. Europe have always regarded Caribbean countries as being on their “Blacklist”. If the Cayman Islands were located in the heart of Europe we would forever be on their “Whitelist”.
    On their “Whitelist” we would be treated better. Less questions asked. No bending over for the masters.
    But nothing has changed over the centuries. The same old Europen countries are just re-polishing their old laws and regulations to suit themselves and “legitimize” keeping us on their “Blacklist” while pillaging anything that we have that is of benefit to them.
    Sadly, we lack a Chief who can stand up to them.

  44. Cayman Mon says:

    All those unelected bureaucrats in the EU are criminals and should be thrown in jail. All they are trying to destroy small countries like ours!

  45. Anonymous says:

    Well colour me shocked. what a load of bs this black listing stuff is and what a hell gov has made for us to I’ve in trying to jump these hoops. Obviously we will be blacklisted no matter what because the aim is to let Delaware have a monopoly. I saw we wear our black colour loud and proud- screw the lists!

    • Anonymous says:

      Yeah, the EU wants to give Delaware a monopoly! Do you even know where Delaware is, or that the EU does not involve – indeed is at daggers drawn with – the US? Go back to school and post when you have half a notion on realpolitik.

      • Anonymous says:

        your average commented on this site isn’t even up to speed with our own laws. you cant expect them to make the effort to comprehend the EU’s.

      • Anonymous says:

        But Trump is in a trade war with the EU so why would the EU want to give Delaware a monopoly? Makes no sense at all.

  46. Anonymous says:

    …and perhaps if we consistently and effectively enforced our laws, any of them, we could have a little more credibility….

    • V says:

      The EU is in its final death throes. The Evil Superstate is collapsing economically. Germany is heading into recession and the value to the others with diminish.

      • Anonymous says:

        They can’t even pay their own fees- expected USA to pay the lions share until Trump told them, no way Jose !

      • Anonymous says:

        V, you really need help. Death throes? Evil Superstate? You need to get off island as you have been here too long.

    • Anonymous says:

      ‘any of them’ is key…

  47. Anonymous says:

    Mr Eden, your prophecies about fire and brimstone descending on us because some of us want to treat gays equally is coming true!! Oh wait, these countries already treat them fairly so, no, it can’t be that. What else can we blame it on?

    • Anonymous says:

      They may be a little pissed at us for our treatment of homosexuals, including their citizens, so do not assume the issues are entirely disconnected.

  48. Anonymous says:

    Bugger them then. We’ve been regulated almost out of existence over the past few years and jumped through every hoop they’ve asked us to. If they blacklist us I hope we cancel all the laws they made us pass, starting with economic substance.

    • Anonymous says:

      But 5:22 no prosecutions for white collar crime. That is the problem. The EU will have noticed this fact.

      • Anonymous says:

        Maybe we can start by prosecuting all those unlicensed “Cayman” overseas lawyers who are totally exempt from our anti-money laundering laws but who’s profits fizzle into cayman equity partner accounts.

  49. Anonymous says:

    Vengeance is ours, we shall repay for Britain daring to leave the new third reich aka the European Union.

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